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The purchasing managers’ index for the construction sector in the UK fell to 49 points. Expectations stood on a drop from 50.9 to 50.1 points.

GBP/USD was trading on high ground prior to the publication: above 1.59 and is now ticking a bit lower on this disappointment. Update: cable slowly extends its falls.

The important new orders component saw the fastest drop since April 2009.

Yesterday, manufacturing PMI surprised to the upside with a strong rebound, even though it remained under 50 points – the level that separates contraction from growth.

The biggest sector, services, will see its PMI tomorrow, before the rate decision on Thursday. No change is expected from the BOE at this time. Mervyn King will leave the full stage for Mario Draghi.

For more on the pound, see the GBPUSD prediction.